Standard Chartered Publishes 4Q'21 and FY'21 Financial Results

Selected information concerning financial performance (FY'21 unless otherwise stated)

• Return on tangible equity improved 300bps to 6.0%

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• Income broadly flat at $14.7bn, down 1% YoY at constant currency (ccy), excluding debit valuation adjustment (DVA), returning to growth in 2H'21, up 4% (4Q'21 up 3%)

Record performance in Wealth Management, up 12% (4Q'21 up 5%);

Continued positive momentum in Trade with income up 16% (4Q'21 up 14%);

Financial Markets broadly flat YoY and up 10% compared to 2019, excluding DVA (4Q'21 down 3%);

Net interest margin (NIM) for FY'21 of 1.21%, down 10bps from FY'20; 4Q'21 of 1.19%, up 3bps on 3Q’21 on a normalised basis excluding the IFRS9 interest income adjustment.

• Underlying profit before tax up 61% at ccy to $3.9bn; statutory profit before tax up 119% at ccy to $3.3bn

• Earnings per share increased 40.1 cents or 111% to 76.2 cents

• RWA of $271bn up 1% or $2bn since 31.12.20 and up 1% or $4bn since 30.09.21

Credit RWA down slightly in 2021: asset growth of $10bn offset by model changes, improvement in asset quality, asset mix changes and FX;

Market risk RWA up $3bn in 2021, including $4bn structural FX impact;

Bill Winters, Group Chief Executive, said: "We have committed today to a set of far-reaching actions, to deliver a return on tangible equity of 10 per cent by 2024. Our refreshed strategy has proved resilient and delivered our return to growth in the second half of 2021. We remain fully focused on driving continued business momentum in 2022, together with substantial shareholder returns."